Oracle’s Financial Consolidation and Cloud Service
Oracle recently introduced Financial Consolidation and Close Cloud Service, (FCCS), their newest addition to the EPM Cloud. FCCS is designed to address the month-end financial close and reporting process. For those familiar with Hyperion Financial Management, (HFM), FCCS is not HFM in the cloud. FCCS is a new product that comes to market with deep pre-existing experience in financial processes.
Aligning the database strategy and leveraging deep pre-existing experience
FCCS joins its sibling Planning and Budgeting Cloud Service, (PBCS). Just as FCCS is designed to address the month end close and financial reporting process, PBCS is designed to support the financial planning and analysis process. FCCS was built on the same database platform and same financial intelligence functionality as PBCS. Why is this a huge advantage for an initial release? PBCS leverages the strength and experience of Hyperion Planning, a product that has been in the marketplace for over 15 years and is the most widely adopted planning application globally. This provides FCCS with proven functionality on dimensional structure, currency translation, and out of the box calculations. As new functionality is developed to support either financial process, the users of both PBCS and FCCS will benefit.
Out of the box functionality you can expect
FCCS is designed to provide advanced out of the box functionality and yet remain flexible enough to enable clients to turn on the functionality that is important to them. In many ways, this is the best of both worlds. Providing users with preconfigured functionality to accelerate the adoption process and the freedom to disregard functionality that does not align with their unique business.
FCCS comes with 11 pre-defined dimensions. These dimensions are prepopulated with high-level members that enable financial intelligence to function across an organization’s financial statements. Additionally, there are 2 user-defined dimensions. If multi-GAAP functionality is a requirement, then one of these user-defined dimensions will be utilized to support this accounting process.
FCCS is designed to support robust consolidation requirements, including:
- intercompany eliminations,
- equity adjustments and eliminations,
- consolidation workflow,
- and reporting through dashboards and Microsoft Office.
In addition, functionality from Financial Close Manager and data collection for supplemental data have been incorporated into the solution. Leading practices on how global financial data should consolidate are evident in every feature.
An EPM suite with less administration
As clients move from Oracle on-premise solutions to Oracle cloud solutions, their application administrators will benefit from the unified database structure and common functionality. The on-premise equivalent solutions require knowledge of two products that were built on very different database structures. The result was two separate teams supporting each product. With the cloud strategy aligning the database and how the products “think”, organizations will be able to support the applications with fewer resources.
Leverage the experts
If you or your firm is considering the purchase of an EPM software solution and would like insight on the right questions to ask, contact us at archetypeconsulting.com. Archetype’s consultants are experts in EPM software and will help you make the right long-term decisions.